Crypto.com token (now called Cronos) price action managed to find a support at the end of last week and traders took advantage of this support and aimed to make a profit with a jump. Although it looks nice and easy on paper, with the closing of the European session, crypto assets also took a step back and traders’ plans fell through.
With the closing of the European session, there was a pressure on all risk assets. One of the main reasons for this was the Euro’s falling to 20-year lows against the US Dollar, creating a systematic risk.
Cronos Price May Lose 60%
Cronos The price managed to be supported by a technical level at $0.11 over the past few days. Keeping this level at a pretty good level since Friday has raised hopes and the bulls have attempted to profit by creating a bounce with some upside gains. CRO price could possibly go as high as $0.15 where it would be capped by the 55-day Simple Moving Average (SMA) and May 12 low, but instead the bulls started crushing the same support level at $0.11, which may not hold anytime soon.
Cronos price can be seen as the bears pierce the bulls and squeeze at $0.11. Once the bulls are defeated and start to leave their positions, the pressure on the sell side will increase and it will surpass the buy side volume and trigger a breakout to the downside. You can expect the first leg to be near the monthly S1 support at $0.08 and the next $0.04 below the monthly S2. This two-stage decline will depend on whether the US dollar will break below the euro pair and trigger a massive domino effect in the market.
More bullish scenarios are possible with a break above Monday’s high. Later, a quick rally could be seen midway above the monthly pivot towards $0.14 and it could hold roughly 27% of the gains. Another rally will be due to a stellar alignment as the USD pulls back from its rising level and equities markets rally by a few percent.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.